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Consumer Analytics Market, By Component (Solutions{ Social Media Analytical Tools, Web Analytical To

Published Date: | Report Code : IT2068940

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Consumer Analytics Market, By Component (Solutions{ Social Media Analytical Tools, Web Analytical Tools, Dashboard and Reporting Tools, Voice of Customer (VOC), ETL, Analytical Modules/Tools, Others }, Services{ Consulting Services, Support and Maintenance , Education and Training, Integration and Deployment }), By Deployment Mode(On-premises, Cloud), By organization size (Large Enterprises, Small and Medium-Sized Enterprises), By Application (Brand Management, Campaign Management, Churn Management, Customer Behavioral Analysis, Product Management, Others), By Industry vertical (BFSI, Retail and e-commerce, Telecommunications and IT, Energy and Utilities, Manufacturing, Transportation and Logistics, Government and Defense, Healthcare and Life Sciences, Media and Entertainment, Travel and Hospitality, Others) and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)–Market Size & Forecasting To 2028

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

Report Code : IT2068940

Status : Upcoming

The Global Consumer Analytics Market is expected to reach USD XX million by 2028, at a CAGR of XX from USD XX million in 2019. The key factors propelling the growth of the market for consumer analytics include the need to understand customer purchasing behavior to streamline business strategies for a more personalized customer experience and innovations such as artificial intelligence (AI), machine learning (ML), and business intelligence.

In the present scenario, consumers not only enjoy but also demand a customized omni-channel growth in the retail industry. Because of this, many retailers are using technology such as consumer analytics to obtain a more in-depth understanding of the desires and needs of a client. Consumer analytics is largely used in the retail sector for the creation of personalized communications and marketing campaigns with the growth in retail sales. It also helps boost consumer service and loyalty by knowing exactly which consumer purchases which items, and by customizing ads based on the knowledge about shoppers.

Moreover, according to QMI research, the global demand for consumer analytics is expected to experience considerable growth following the COVID-19 pandemic crisis. In the midst of this great pandemic, due to lockdowns and quarantine conditions, retail demand has fallen sharply. For example, according to data released by Amperity, one of the major players in retail and consumer analytics, the demand for 100 U.S. retail brands has decreased during this timeframe by an estimated 90%. Therefore, companies will have to introduce various marketing techniques, such as email marketing or regional marketing, in order to improve retail businesses after COVID-19.

This need for personalized strategies will generate lucrative opportunities during the forecast period for implementing customer analytics solutions, which will ultimately drive the growth of the market for customer analytics. Furthermore, new concepts such as crisis management and response and retail supply optimization are also expected to drive the development of the market for consumer analytics after COVID-19.

The consumer analytics market is segmented on the basis of component, deployment mode, organization size, application, and industry vertical. Based on component, the market is divided into solutions and services. The solution segment is expected to gain widespread usage throughout the forecast period and is poised to hold the highest market share during the period.

By solution segment, the market has been divided into Social Media Analytical Tools, Web Analytical Tools, Dashboard and Reporting Tools, Voice of Customer (VOC), ETL (Extract, Transform, and Load), Analytical Modules/Tools, and others. Among these, the social media analytical tool segment is projected record high growth. The social media analytical tool allows enterprises to gain competitive advantage by providing a deeper understanding of the industry, by enhancing the product and business, and by providing deep insights into consumer purchasing behavior and promoting market innovation.

Based on the deployment mode, the market has been divided in cloud and on premises. Among these, the cloud segment is expected to grow at the highest CAGR over the forecast period. Cloud segments act as Software as a Service (SaaS) application that is offered by a service provider inside its data center. These technologies are typically available via the internet and can be accessed, whenever needed, from anywhere. Different benefits, including scalability, adaptability, easy implementation, and cost-effectiveness are provided by cloud technologies, which has boosted cloud deployment across organizations. The low cost and ease of deployment have made the cloud a highly attractive organizational distribution mode.

Based on the organization size, the market is divided into large enterprises and small and medium-sized enterprises (SMEs). Small and medium-sized enterprises (SMEs) prefer to embrace cloud-based applications due to their cost factor and 24x7 maintenance and support offered by software providers compared to the on-site ones. In this segment, the majority of vendors provide cloud-based customer analytics solutions to attract customers. This, in turn, is expected to drive the Small and medium-sized enterprises (SMEs) segment in future.

Based on the application, the market has been divided into brand management, campaign management, churn management, customer behavioral analysis, product management, and others. Among these, the product management segment is expected to grow with the highest CAGR during the forecast period. A vast amount of product-related information such as product features, prices, functions, and delivery-related data of a consumer are analyzed in consumer analytics. This allows clients to provide useful knowledge about product features, functionalities, costs, and distribution models.

Consumer research helps analyze the buying habits of consumers and offers knowledge on product segments that do not perform well. Advertisers easily analyze and make appropriate adjustments to retain consumers. Consumer analytics helps adjust these tactics and get ahead of rivals in real time. Based on the data collected from consumer journey mapping, marketers may implement pricing, product creation, or introduce fresh purchasing options.

Based on the end use industry, the market has been divided into banking, financial services, and insurance (BFSI), retail and e-commerce, telecommunication and IT, energy and utilities, manufacturing, transportation and logistics, government and defense, healthcare and life sciences, media and entertainment, travel and hospitality, and others. Among these, the retail and e-commerce is segment held the largest market share in 2019 and is expected to grow at the highest CAGR during the forecast period.

The retail and e-commerce market has been growing at a  faster rate due to the increasing demand for improved customer service. Consumer analytics is widely used in the retail and e-commerce industry for the advancement of customized communications and marketing strategies. This can help boost consumer service and loyalty by knowing exactly which customer purchase which items and by customizing ads based on the knowledge about shoppers.

Regional Outlook:

Region-wise, the worldwide consumer analytics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is predicted to hold dominant position, while Asia Pacific is anticipated to grow with the highest CAGR during the forecast period. The presence of major key players in the region is expected to boost market growth in the region. The growth of this region has been driven by the US and Canada, where customer analytics tools are implemented by companies to leverage customer data to remain competitive in the market.

Consumer data across various data sources are pushing new growth and better integration into new and established solutions and services for customer analytics to meet different market and customer needs. North America is also home to numerous customer analytics solution providers, such as Google, Oracle, Adobe, Microsoft, SAP, and Salesforce. Due to intense competition and demand prevailing in the North American region, these companies target higher sales and business expansion. In order to keep pace with the new developments in the industry, companies in North America are concentrating on innovations.

Competitive Landscape

The competitive scenario highlights the performance of major companies operating in the consumer analytics market. This includes the detailed profiling of major companies and their competitive benchmarking. Product profiling provides key information including products/solutions offered, key developments, company performances, and strategies adopted in recent years.

The major companies profiled in the market include Google, Adobe, Microsoft, SAP, Oracle, Salesforce, Teradata, NICE Systems, Manthan System, Customer Analytics, Mixpanel, Amperity, Neustar, and Clarity Insight Incorporated, among others. Additionally, the competitive landscape provides a detailed description of each company including future capacities, financial overview, key mergers & acquisitions, partnerships, collaborations, new product developments, new product launches, and other latest industrial developments.

What Does This Report Provide?

This report provides a detailed understanding of the global consumer analytics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Component

  • Solutions
  • Social Media Analytical Tools
  • Web Analytical Tools
  • Dashboard and Reporting Tools
  • Voice of Customer (VOC)
  • ETL (Extract, Transform, and Load)
  • Analytical Modules/Tools
  • Others
  • Services
  • Consulting Services
  • Support and Maintenance
  • Education and Training
  • Integration and Deployment

By Deployment Mode

  • On-premises
  • Cloud

By Organization Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

By Application

  • Brand Management
  • Campaign Management
  • Churn Management
  • Customer Behavioral Analysis
  • Product Management
  • Others

By Industry Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and e-Commerce
  • Telecommunications and IT
  • Energy and Utilities
  • Manufacturing
  • Transportation and Logistics
  • Government and Defense
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Travel and Hospitality
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
  • Europe
    • By Country (Russia, Germany, UK, France, Italy, Spain, Rest of Europe)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
  • Middle East and Africa
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East and Africa)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical
  • South America
    • By Country (Argentina, Brazil, Rest of South America)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Application
    • By Industry Vertical

Reasons to Buy This Report:

  • Market size estimation of the consumer analytics market on a regional and global basis
  • Unique research usage for market size estimation and forecasts
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments, helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

For more information, contact: [email protected]

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